TPG completes $1.9 billion acquisition of Par Pharma

Par Pharmaceuticals (NYSE: PRX), a USA-based maker of generic drugs and niche innovative proprietary pharmaceuticals, and US private equity group TPG have announced the completion of Par's acquisition by certain affiliates of TPG for a consideration of $1.9 billion (The Pharma Letter July 17).

"This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our team, and our unique position in the generic industry," said Patrick LePore, Par's chairman, adding: "As a private company, Par will have greater flexibility to pursue its longer term goals. TPG's long-term orientation and access to additional capital will help support the continued growth and success of the Par franchise."

Under the terms of the merger agreement, Par's stockholders are entitled to receive $50.00 in cash, without interest, less any applicable withholding taxes, for each share of Par common stock owned by them. As a result of the merger, Par's common stock will no longer be listed for trading on the New York Stock Exchange.